Transamerica to cut 40 more jobs in Iowa

Insurance and investment services company Transamerica filed a Worker Adjustment and Retraining Notification Act, or WARN, with Iowa Workforce Development saying it will eliminate 40 positions in Iowa as of Aug. 15.

“After carefully assessing its business needs, Transamerica has made the difficult determination to eliminate 40 positions in the state of Iowa,” a spokesperson said by email Tuesday.

“This will enable Transamerica to be more efficient and competitive in delivering its solutions to customers and their financial professionals.”

Two of these positions, the spokesperson added, “are roles located at our C Street campus in Cedar Rapids, where Transamerica employs approximately 925 employees. The remaining 38 positions are held by remote workers located within the state of Iowa.

“These eliminations are not associated with previous decisions to engage Tata Consultancy Services. The majority of these job eliminations are in technology functions. To help ensure that Transamerica has the flexibility to scale its work based on evolving customer needs, Transamerica will transition certain technology functions to suppliers that have U.S. operations.“

The company began paring away at its Cedar Rapids employee count back in 2018 when it outsourced parts of its business to India-based Tata Consultancy Services.

At that time it shifted 882 jobs to Tata.

In November 2020 Transamerica cut the positions of 53 Cedar Rapids employees.

Transamerica, with offices on C Street SW in Cedar Rapids, is a subsidiary of AEGON, a Netherlands-based life insurance company headquartered in the Netherlands.

It placed the site of its former Edgewood Road and 42nd Street NE offices on a two-day auction through California-based Ten-X beginning today, after being unable to find a buyer since March 2021. The starting bid was set at $1.75 million.